Intellectual Property the backbone of today’s business” Branding Strategies & Enhancing Business Competitiveness Hybrid from Brussels, Belgium
On the Occasion of World Intellectual Property Day – May 3, 2022
Intellectual Property the backbone of today’s business”
Branding Strategies & Enhancing Business Competitiveness
Hybrid from Brussels, Belgium
World Intellectual Property Day 26 April was established by the World Intellectual Property Organization,
(WIPO) in 2000 was set up to “raise awareness of how patents, copyright, trademarks and designs impact on daily life” and “to celebrate creativity, and the contribution made by creators and innovators to the development of societies across the globe. The 26 April coincides with the date on which the Convention Establishing the World Intellectual Property Organization came into force in 1970.
This year, the theme of IP day is IP and Youth: Innovating for a Better Future as set by WIPO.
Small and medium sized enterprises or SMEs accounts for approximately 90 percent of the economy in the world. They have been called the backbone of the economy. The development of SMEs, especially in the current situation and in the aftermath of the pandemic, could play a crucial role in the recovery of the economies worldwide. It is estimated that globally women own approximately one third of all formal SMEs which indicates a considerable gender gap. Lack of digital knowledge and safeguarding IP, access to funding, negative gender stereotyping and cultural discouragement are some of the biggest challenges and hurdles that women entrepreneurs face.
The significant role that IP can play in women-owned SMEs has not been fully appreciated by many entrepreneurs and SME owners, especially by women and youth . IP systems and IP rights are not just an obscure legal means for big pharmaceuticals or giant tech holders to take over market sectors, but a useful means to take advantage of the optimal market potential for the young generation of entrepreneurs. Awareness of IP – in particular in the knowledge-driven economy of today – is a necessity for all who are managing an SME or plan to start. From the moment that an idea is born, to when it has transformed into a product or service and launched on the market.
Following are a few benefits that a sound IP strategy could bring to SMEs:
- It can protect the innovation and creative products, designs and other assets that the company has created, is part of its product, or has developed along its way to provide the company with competitive advantage against their competitors
- Having protected IP assets could attract investors and financing
- IP could help create goodwill and visibility for the company and its products, enabling it to safely enter new market space across borders
- IP and protected assets could create opportunities for licensing and making profits via royalties or even franchising
Awareness of IP and the use of a strategic IP management plan could give woman-owned businesses and the younger generation of SMEs a competitive edge along with the assurances of the fact that their IP assets are safely protected.
World IP day is a great opportunity for all the young innovators, especially women, who wish to translate their ideas into valuable products and services that are distributed in the market, to learn how they can use the IP system to build a strong business, protect their innovation and turn them into bankable IP assets.
Following keynote presentations and case studies, the discussion brings together the distinguished speakers to discuss the involvement of Women and youth into the Intellectual Property System and the importance of IP protection to grow their businesses.
This discussion will highlight the challenges and the advantages these SMEs face today in an increasingly technologically-driven market space where borders are crossed immediately the MSE has developed a website. It also discusses branding strategies and provides signposting and hints for these businesses to adopt to build stronger brands and IP.
This discussion will explore the following:
- What is the role of IP in promoting creativity and innovation?
- How far would creativity and innovation be a challenge for these SMEs to address, and are there any elements which can make a difference and/or should be prioritized?
- What are the main gaps in women and youth engagement, and where do we need more improvements?c